With Bad Credit, Can You Get A Loan With Installment?

If you need a 3000 installment loan for six months, it shouldn’t be much of a problem if you are someone who has a clean, excellent credit history (score well above 700). You are almost guaranteed to qualify for all types of personal loans, along with the most competitive rates. But, what if your credit history is poor and can you get a short term installment loan with low monthly fees?

You would be forgiven for thinking that you are immediately going to get rejected by any lender because of your bad credit history. Whilst it is true that having good credit is important when you need to get a personal loan quickly without hassle, people who have a low credit score are not totally without any loan option.

Banks That Give Personal Loans With Bad Credit

For a person with bad credit and need 3000 dollars now, the options available may be lesser but there are banks that give secured title installment loans as well as non-bank lenders that do the same.

For a start, rather than assuming that your bank is going to pass you up on their online personal loans offers, pay them a visit to inquire on getting a 3000 dollar installment loan. Your credit standing with them may not be as bad as you think and besides, changing market conditions could also encourage them to loosen lending guidelines.

Also, you may want to check for credit unions that are serving your community. As not-for-profits organizations, many of them have a wide range of banking facilities that can put a small local bank to shame. Credit union accounts, etc, some are able to provide salary advance loans and other types of financing for their members. Their rates are very competitive as well and you should give them a look-in when considering the best places to get a monthly installment loan.

$3000 Installment Loan

You may be tempted to use a low fee loan with monthly payback offered by online lending companies. Getting a cash advance with your salary earnings seem to be very popular these days because the lenders often take in a wide range of borrowers and you can get one approved over the Internet within minutes. But with the kind of steep finance fees they are charging you, it may not be wise to rely on these lenders for an installment loan as the costs in interest alone can add up substantially over the repayment period.

No matter whether your decision ends with a no-bank private lender or a bank and credit union, be sure to go through all the avenues that are available to you and be responsible for your debt. Question your ability to complete the repayments and if getting an installment loan of 3000 dollars will only give you a quick solution to your present cash flow problems but ends up overstretching your monthly budget, you should reconsider as it is hard to break out of debt once you are caught in it.